July 16, 1998

In order to view this PDF, you must have Javascript enabled in your browser.The following is plain-text output generated by Optical Character Recognition.

o Gove FEDERAL RESERVE statistical release H 6 508 Table 1 MONEY STOCK LIQUID ASSETS AND DEBT MEASURES For release at 4 30 p m Eastern Time Billions of dollars Date July M1 1 M22 M33 L4 DEBT5 Seasonally adjusted 1996 July Aug Sap Oct Nov Dec Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar Apr May June p p p Not seasonally adjusted 1996 July Aug Sep Oct Nov Dec Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar Apr May June p p p Footnotes appear on the following page p preliminary Page 2 H 6 508 Table 2 MONEY STOCK AND DEBT MEASURES Percent change at seasonally adjusted annual rates M1 M2 M3 DEBT1 3 Months from Mar 1998 TO June Months from Dec 1997 TO June Months from June 1997 TO June Jan weeks previous July weeks previous Thirteen weeks ending July from thirteen weeks ending Apr weeks previous 1 Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates namely February 1998 to May 1998 November 1997 to May 1998 and May 1997 to May 1998 respectively Footnotes to Table Consists of 1 currency outside the U S Treasury Federal Reserve Banks and the vaults of depository institutions 2 travelers checks of nonbank issuers 3 demand deposits at all commercial banks other than those due to depository institutions the U S government and foreign banks and official institutions less cash items in the process of collection and Federal Reserve float and 4 other checkable deposits OCDs consisting of negotiable order of withdrawal NOW and automatic transfer service ATS accounts at depository institutions credit union share draft accounts and demand deposits at thrift institutions Seasonally adjusted M1 is calculated by summing currency travelers checks demand deposits and OCDs each seasonally adjusted separately Consists of M1 plus savings deposits including money market deposit accounts small denomination time deposits time deposits including retail RPs in amounts of less than and balances in retail money market mutual funds Excludes individual retirement account IRA and Keogh balances at depository institutions and money market funds Seasonally adjusted M2 is computed by summing savings deposits small denomination time deposits and retail money fund balances each seasonally adjusted separately and adding this result to seasonally adjusted M1 Consists of M2 plus large denomination time deposits in amounts of or more balances in institutional money funds RP liabilities overnight and term issued by all depository institutions and Eurodollars overnight and term held by U S residents at foreign branches of U S banks worldwide and at all banking offices in the United Kingdom and Canada Excludes amounts held by depository institutions the U S government money funds and foreign banks and official institutions Seasonally adjusted M3 is calculated by summing large time deposits institutional money fund balances RP liabilities and Eurodollars each seasonally adjusted separately and adding this result to seasonally adjusted M2 Consists of M3 plus the nonbank public holdings of U S savings bonds short term Treasury securities commercial paper and bankers acceptances net of money market mutual fund holdings of these assets Debt The debt aggregate is the outstanding credit market debt of the domestic nonfinancial sectors the federal sector U S government not including governmentsponsored enterprises or federally related mortgage poois and the nonfederal sectors state and iocai governments households and nonprofit organizations nonfinancial corporate and nonfarm noncorporate businesses and farms Nonfederal debt consists of mortgages tax exempt and corporate bonds consumer credit bank loans commercial paper and other loans The data which are derived from the Federal Reserve Board s flow of funds accounts are break adjusted that is discontinuities in the data have been smoothed into the series and month averaged that is the data have been derived by averaging adjacent month end levels The presentation of the debt data in this release differ therefore from the quarterly flow of funds statistics contained in the Federal Reserve releases Z 7 and Z 1 In those releases published levels of credit market debt are measured on a quarter end basis and contain discontinuities Note Updated current and historical data for aggregate and component series in the H 6 statistical release are available each week via the web site of the Federal Fleserve Board http www bog frb fed us as well as on the Economic Bulletin Board of the U S Commerce Department Monthly data are available back to January 1959 and weekly data are available back to January 1975 for most series For information on how to access the Commerce bulletin board call or toll free 800 STAT USA Page 3 H 6 508 Table 3 MONEY STOCK MEASURES Billions of dollars Seasonally adjusted M3 M2 M 1 Period endiii g week average week average week average week average week average week average week average week average week average 5579el May June p July 6p Apr 13 Not seasonally adjusted May June p July 6p Apr 13 Note Special caution should be taken in interpreting week to week changes in money supply data which are highly volatile and subject to revision p preliminary data Page 4 H 6 508 Table 4 COMPONENTS OF MONEY STOCK LIQUID ASSETS AND DEBT Billions of dollars seasonally adjusted Other checkable deposits Currency1 Date Travelers checks2 Demand deposits3 Nontransactions components At commercial banks4 At thrift institutions5 Total lnM2 6 In M3 only Feb Mar Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar Apr May June p Week ending 1998 May June July p 6p Currency outside U S Treasury Federal Reserve Banks and the vaults of depository institutions Outstanding amount of U S dollar denominated travelers checks of nonbank issuers Travelers checks issued by depository institutions are included in demand deposits Demand deposits at commercial banks and foreign related institutions other than those due to depository institutions the U S government and foreign banks and official institutions less cash items in the process of collection and Federal Reserve float Consists of N O W and ATS balances at commercial banks U S branches and agencies of foreign banks and Edge Act corporations Consists of NOW and ATS balances at thrifts credit union share draft balances and demand deposits at thrifts Sum of savings deposits including money market deposit accounts small time deposits and retail money fund balances each seasonally adjusted separately Sum of large time deposits institutional money fund balances RP liabilities overnight and term issued by depository institutions and Eurodollars overnight arid term of U S addressees each seasonally adjusted separately e estimated p preliminary Page 5 H 6 508 Table 4 continued COMPONENTS OF MONEY STOCK LIQUID ASSETS AND DEBT Billions of dollars seasonally adjusted Small denomination time deposits2 Savings deposits1 Date Retail money funds Institutional money funds At commercial banks4 At thrift institutions At commercial banks At thrift institutions Total At commercial banks At thrift institutions Total Apr May Juna July Aug Sap Oct Nov Dae Fab Mar 1998 Jan Fab Mar Apr May Juna P Waak andina 1998 May Large denomination time deposits3 344 Total Juna 3 4 p July p 6p Savings deposits include Small denomination time and thrifts are subtracted Large denomination time Large denomination time official institutions preliminary money market deposit accounts deposits including retail RPs are those issued in amounts of less than All IRA and Keogh account balances at commercial banks from small time deposits deposits are those issued in amounts of or more excluding those booked at international banking facilities deposits at commercial banks less those held by money market mutual funds depository institutions U S government and foreiqn banks and Page 6 H 6 508 Table 4 continued COMPONENTS OF MONEY STOCK LIQUID ASSETS AND DEBT Billions of dollars seasonally adjusted Non M3 Components of L RPs1 Date Eurodollars2 Savings bonds Short term Treasury securities3 Bankers acceptances4 rrrr Commercial paper5 Debt components6 Federal debt Non Federal debt 13 3 7T STST Mar st Apr May Juna July Aug Sap Oct Nov Dae p 378 2 p 12 9 p 674 2 p p p Feb 1998 Jan Fab Mar Apr May Juna P Waak andina 1998 May Juna p July 6p Overnight and term RPs of or more issued by depository institutions excluding those held by depository institutions and by money funds Overnight and term Eurodollars issued to U S addressees by foreign branches of U S banks worldwide and by all banking offices in the United Kingdom and Canada excluding those held by depository institutions and by money funds Consists of U S Treasury bills and coupons with remaining maturities of less than 12 months held by other than depository institutions Federal Reserve Banks money market mutual funds and foreign entities Net of bankers acceptances held by accepting banks Federal Reserve Banks foreign official institutions Federal Home Loan Banks and money market mutual funds Total commercial paper less commercial paper held by money market mutual funds Debt data are on a monthly average basis derived by averaging adjacent end of month levels and have been adjusted to remove discontinuities p preliminary Page 7 H 6 508 Table 5 COMPONENTS OF MONEY STOCK LIQUID ASSETS AND DEBT Billions of dollars not seasonally adjusted Currency1 Date Travelers checks2 Demand deposits3 Nontransactions components Other checkable deposits At commercial banks4 At thrift institutions5 lnM2 6 Total In M3 only7 1997 Fab Mar Apr May Juna July Aug Sap Oct Nov Dae Jan Fab Mar Apr May Juna P Waak andina 1998 May Juna e July p 6p Currency outside U S Treasury Federal Reserve Banks and the vaults of depository institutions Outstanding amount of U S dollar denominated travelers checks of nonbank issuers Travelers checks issued by depository institutions are included in demand deposits Demand deposits at commercial banks and foreign related institutions other than those due to depository institutions the U S government and foreign banks and official institutions less cash items in the process of collection and Federal Reserve float Consists of NOW and ATS balances at commercial banks U S branches and agencies of foreign banks and Edge Act corporations Consists of NOW and ATS balances at thrifts credit union share draft balances and demand deposits at thrifts Sum of savings deposits including money market deposit accounts small time deposits and retail money fund balances Sum of large time deposits institutional money fund balances RP liabilities overnight and term issued by depository institutions and Eurodollars overnight and term of U S addressees estimated p preliminary Page 8 H 6 508 Table 5 continued COMPONENTS OF MONEY STOCK LIQUID ASSETS AND DEBT Billions of dollars not seasonally adjusted Small denomination time deposits2 Savings deposits1 Date At thrift institutions Total At commercial banks Retail money funds Institutional money funds Large denomination time deposits3 At commercial banks4 At thrift institutions Total Fab Mar At thrift institutions Apr May Juna July Aug Sap Oct Nov Dae Jan Fab Mar At commercial banks Apr May Juna P Waak andina 1998 May Juna July p p 6p Total Savings deposits include money market deposit accounts Small denomination time deposits including retail RPs are those issued in amounts of less than All IRA and Keogh account balances at commer cial banks and thrifts are subtracted from small time deposits Large denomination time deposits are those issued in amounts of or more excluding those booked at international banking facilities Large denomination time deposits at commercial banks less those held by money market mutual funds depository institutions U S government and foreian y banks and official institutions preliminary Page 9 H 6 508 Table 5 continued COMPONENTS OF MONEY STOCK LIQUID ASSETS AND DEBT Billions of dollars not seasonally adjusted RPs1 Date At commercial banks At thrift institutions Debt components6 Non M3 Cornponents of L 2 Eurodollars Savings bonds Total Short term Treasury securities3 Bankers acceptances4 Commercial paper6 Federal debt Non Federal debt 1997 Feb Mar Apr May Juno July Aug Sop Oct Nov Dec Jan Fob Mar Apr May Juno P Wook o n d i n a 1998 May Juno p p p 13 1 p 681 7 p p July p Overnight and term RPs of or more issued by depository institutions excluding those held by depository institutions and by money funds Overnight and term Eurodollars issued to U S addressees by foreign branches of U S banks worldwide and by all banking offices in the United Kingdom and Canada excluding those held by depository institutions and by money funds Consists of U S Treasury bills and coupons with remaining maturities of less than 12 months held by other than depository institutions Federal Reserve Banks money market mutual funds and foreign entities Net of bankers acceptances held by accepting banks Federal Reserve Banks foreign official institutions Federal Home Loan Banks and money market mutual funds Total commercial paper less commercial paper held by money market mutual funds Debt data are on a monthly average basis derived by averaging adjacent end of month levels and have been adjusted to remove discontinuities p preliminary p Page 10 H 6 508 Table 6 MEMORANDUM ITEMS Billions of dollars not seasonally adjusted Demand deposits at banks due to Time and savings deposits due to foreign banks and official institutions U S government deposits Note balances at depository institutions IRA and Keogh Accounts Time and savings deposits at commercial banks Demand deposits at commercial banks Balance at Federal Reserve Oct Nov Dae Jan Fab Mar Date Foreign commercial banks Foreign official institutions 1997 Feb Mar Apr May Juno July Aug Sep Apr May June p Waak e n d i n g 11 1998 May 18 25 June July e p p 6p estimated preliminary Total cash balance At commercial banks At thrift institutions At money market funds Total